Miami's population is 6.2M, with a total workforce of 2.6M. The labor market grew by 112,000 jobs over the past year, up by 4.3%. The median household income in Miami is $53,077, 3.3% higher than last year and 13.5% below the national average of $61,372. In the housing market, total permits issued totaled 19,579 over the last twelve months, down 1.0% year-over-year.
Miami has 304 active new home projects on the market, 5.3% fewer than the 321 from last year. The average list price in the market is $628,384, 13.6% higher than last year and 96.4% above the national average. Over the last three months, new home contracts decreased by 10.2% to 1,570. Homestead and Miami had the highest concentration of the new home contracts in the Miami market.